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Forex analysis and forecast for USD/CHF for today, June 6, 2024

USD/CHF, currency, Forex analysis and forecast for USD/CHF for today, June 6, 2024

In the Asian session on Thursday, USD/CHF is moderately declining, testing the level of 0.8910, although the pair showed growth on the eve caused by the release of positive American macroeconomic reports.

In May, the index of business activity in the US services sector from the Institute for Supply Management (ISM) rose from 49.4 to 53.8 points, surpassing forecasts of 50.8 points. The S&P Global services sector indicator remained at 54.8 points, as expected. However, employment in the private sector, according to the company Automatic Data Processing (ADP), decreased from 188.0 thousand to 152.0 thousand, which is significantly lower than the forecast of 173.0 thousand. Now investors are waiting for Friday's labor market report (Non-farm Payrolls), which may clarify the prospects for a reduction in interest rates by the Fed this year. The main scenario assumes one or two acts of monetary expansion by 25 basis points each, and the first of them, with a probability of about 60%, may take place as early as September.

Today, the data on unemployment in Switzerland are of interest to traders. The indicator, seasonally adjusted, increased from 2.3% to 2.4%, while excluding it, it remained at 2.3%. Meanwhile, Swiss Finance Minister Karin Keller-Zutter stressed the importance of careful analysis of potential risks in the liquidation of large banks, citing the example of the situation with Credit Suisse Group AG, which completed its merger with UBS AG on May 31, finally ending its 168-year existence. She noted that large banks should provide sufficient financial support to their own branches so that the share capital of subsidiaries can be realized without prejudice to the parent companies in the event of a crisis.

USD/CHF Technical analysis for today

USD/CHF Technical analysis for today

On the daily chart, the Bollinger Band indicator is steadily decreasing, as is the MACD, which retains a sell signal. Stochastic is trying to turn up and exit the oversold zone

Short positions can be opened after breaking down the support level of 0.8900 with the nearest target at 0.8839. We place the stop loss at 0.8935.

To enter purchases, you should wait for a rebound from the 0.8900 level followed by an upward breakout of the 0.8935 level. For buyers, the target is at the key resistance of 0.9000. We will set the stop loss to 0.8900.

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Symbols USD/CHF

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USD/JPY: the Bank of Japan could not stop the fall of the yen
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Jul 16, 2024 Read
USD/CHF: the pair retains its strengthening potential
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Jul 16, 2024 Read
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Jul 16, 2024 Read
AUD/USD: the Australian economy is recovering steadily
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Jul 15, 2024 Read
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Jul 15, 2024 Read
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Jul 15, 2024 Read
Forex analysis and forecast for GBP/USD for today, July 12, 2024
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Jul 12, 2024 Read
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Jul 12, 2024 Read
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